Aamal Company, which is focused on strengthening the market position of its businesses through ongoing investment, plans to put emphasis on the industrial and trading sectors, according to its chief executive officer.
“Since the beginning, our vision in Aamal is our strength through our diversity, which I believe had made the company successful over the last decade or so since it was publicly listed,” CEO and managing director Sheikh Mohamed bin Faisal al-Thani told Gulf Times.
“Today, there is a general drop in the real estate market not only in Qatar but all over the region. But thankfully, Aamal is diversified and we have several sectors that had covered the loss in that sector, so we are focused on the industrial, services, and trading sectors, and we are looking to be more diversified in the future, and to increase our investments, especially in the industrial and trading sectors,” he continued.
Asked about expansion plans in the property market, Sheikh Mohamed noted that Qatar’s private sector “takes great responsibility” in catering to the needs of the economy “in terms of all aspects and all sectors.”
“We have ongoing investments, especially in the property sector, particularly in the City Center Mall where some parts have already been opened. Some of the tenants have moved in to do the fit-out works, so towards the end of this year, hopefully by the fourth quarter of 2019, we’re going to see some impact on the cash flow of City Center.
“Of course, the same thing is going on with the other properties; we’d always like to provide the best quality in the market, so we’re always looking to invest in our properties and to make sure that they’re one of the top properties in the market,” Sheikh Mohamed said.
As one of the flagship properties of Aamal, Sheikh Mohamed said the company “has been consistently investing” in City Center since the mall was opened “to make sure that visitors will have the best shopping experience.”
“We have a great location at the West Bay area, which is one of the top residential areas in Qatar. In terms of population density, it is one of the highest in the city, so that gives us a competitive advantage and we’re always looking to make sure that City Center is at its best,” he pointed out.
According to Sheikh Mohamed, Aamal is estimating between 12 to 18 months, “the whole area will be leased and opened.”
He also noted that the mall’s main anchor shops would start fit out works “in the next couple of weeks.”
“Of course, we can rent out the area right away but we always look for the best quality for the tenant mix, the general experience, and the quality of the shops, so this is why we are taking a little bit more time than we’d like to but I think that would be the best for the mall in the long term.
“For the 2022 FIFA World Cup and beyond, we have a strategy that all of our projects would be 100% ready. We are always looking to make sure that by the time the visitors start arriving to Qatar, our properties are all in the best presentable shape.